Russian President Vladimir Putin said last week that Russia managed to withstand strict Western sanctions by turning away from the West, focusing on Asia and Africa while embracing one of our Top Trends: Self-Sufficiency.
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ECONOMIC UPDATE – MARKET OVERVIEW
When China launched the COVID War in January 2020, on its Lunar New Year, “The Year of the Rat,” it not only destroyed its economy, it destroyed the lives and livelihoods of billions across the planet.
PUTIN DECLARES “BEGINNING OF THE END” FOR THE U.S. DOLLAR
With more countries trading directly in their own currencies instead of converting to dollars as the world’s standard of value, the dollar is on the way out as the world’s leading currency, Russian president Vladimir Putin announced last week at the St. Petersburg International Economic Forum.
FU ENVIRONMENT, IT’S THE BOTTOM LINE: PORTUGAL APPROVES LITHIUM MINING
Portugal’s environmental regulators have given a positive recommendation on Savannah Resources’ proposed Barroso lithium mine that will produce enough of the metal to supply 500,000 electric vehicles (EVs) annually, the company says.
COPPER’S PRICE FALLS AGAIN AS GLOBAL ECONOMIC OUTLOOK DARKENS
On 22 May, the price of copper to be delivered two days later was $66 a ton cheaper than copper for delivery in August, the Financial Times reported, as traders expressed disappointment with China’s weak manufacturing recovery.
MORE HIGH EARNERS LIVING PAYCHECK TO PAYCHECK
The number of U.S. six-figure earners living paycheck to paycheck has reached 49 percent, according to the latest LendingTree study, compared to 42 percent at the end of last year.
INVESTORS TRADE IN THEIR DOLLARS FOR EMERGING MARKET BONDS
With high interest rates and inflation easing, emerging economies are drawing a fresh influx of investment in their own local currencies.
MAERSK PROFITS SINK ON GLOBAL SLOWDOWN
Ocean shipping giant AP Moller-Maersk reported first-quarter profits of $2.3 billion, two-thirds less than the same quarter in 2022. Revenue fell by 25 percent to $14.2 billion.
ECONOMIC UPDATE—MARKET OVERVIEW
It’s a numbers game. And of course like most games, those dealing the cards can rig the game. Oh what wonderful news last week. With more jobs created than The Street anticipated, equity markets soared on the “news” that despite the Bankster Bandits raising interest rates for the 10th time in a row, nonfarm payrolls increased 253,000 for April.
ECONOMIC UPDATE – MARKET OVERVIEW
The big news on The Street is that after yesterday’s collapse of First Republic Bank, the second largest bank failure in U.S. history which followed the third largest bank failure in U.S. history when Silicon Valley Bank went bust on 10 March—two days before the fourth largest bank failure in U.S. history when Signature Bank went under—is that Happy Days are Here again... and everything is just fine.